Mayor Olivia Chow kept her campaign promise in raising the land transfer tax. In September Toronto’s city council approved the increase to municipal land transfer tax rates for homes valued over  $3 million. Starting January 2024, any homes over $3 million will be subject to a 3.5 per cent municipal land transfer tax, increasing gradually to a maximum of 7.5 per cent for homes over $20 million. This extra bump in revenue is a measure the City is taking to aid in their troubled finances.